AVAX Price Plunges as Market Leans Heavily on the Offer
AVAX is facing significant technical challenges as it struggles to find support in a downtrend. Currently trading at $6.38, AVAX has shed 2.19% in the last 24 hours and is pinned below every key moving average.
The token's chart is seen as 'as constructive as a burning building' by Caroline Bishop, with every single moving average stacked above current price, indicating a sustained breakdown. The 200-day SMA sits at $8.34, over 30% above spot, making the path back to structural health long.
The momentum picture is nuanced but net negative, with buyers absent and momentum flatlined in neutral territory. The MACD structure shows bears and bulls locked in a stalemate, likely to resolve downward rather than up.
With aggressive sell volume running nearly double buy volume, the market is leaning heavily on the offer. This divergence setup traders fear, where heavy long positioning combined with selling flow narrows to two interpretations: either whales are deliberately absorbing retail selling or they're legacy longs who will eventually be overwhelmed by selling pressure.